Acquisition will Enhance LifeSpeak’s Expert-Led Micro-learning
Mental Health and Wellbeing Education with On-Demand Fitness and
Live Workout Sessions
LifeSpeak Inc. (“LifeSpeak” or the “Company”) (TSX:LSPK), the
mental health and total wellbeing platform for employee and
customer-focused organizations, today announced it has entered into
a definitive agreement and completed the acquisition of
Montreal-based LIFT Digital Inc., operating as LIFT session
(“LIFT”), an online wellness company focused on increasing overall
health through digital wellness and fitness solutions.
“The link between physical and mental health is well documented.
For example, according to the Canadian Mental Health Association,
poor mental health is a risk factor for chronic physical
conditions, and people with chronic physical conditions are at risk
of developing poor mental health. Understanding this connection, we
have always featured a broad range of expert-led education content
for mental and physical health on the LifeSpeak platform,” said
Michael Held, CEO and founder of LifeSpeak. “Adding LIFT to the
LifeSpeak family of companies allows us to meet the growing demand
for physical wellbeing solutions from companies that understand the
link between physical and mental health. In this age of remote
workforces and isolated employees, the LIFT solution coupled with
our mental health and wellbeing platform allows our customers to
create healthy environments for their employees with engaging,
habit-forming, and effective wellness services.”
Since its founding in 2015, LIFT has provided easily accessible,
proactive, and engaging wellness services via on-demand, automated
and live sessions in areas including general fitness, mindfulness,
cardio, strength, yoga, pre-natal, Pilates, and many more. The LIFT
platform guides users through wellness journeys with personalized
recommendations, access to experts, community-based challenges, and
social engagement with like-minded members. LIFT’s client base
includes many leading blue-chip organizations, including insurance
and healthcare providers, fitness institutions, and educational
institutions.
Through its agreement to acquire LIFT, LifeSpeak is executing on
its plan to accelerate growth through acquisitions following the
Company's $125.0 million initial public offering in July 2021. The
purchase price for the acquisition was approximately $15.0 million,
subject to customary post-closing adjustments, consisting of $9.5
million in cash and approximately 550,000 common shares of the
Company issued at the initial public offering price of $10.00 per
share.
LifeSpeak believes that the alignment of both company's
SaaS-based business models, the global reach that this approach
enables, and the focus on serving employers directly and through
health plans and insurers combine for a natural and seamless
partnership with significant cross-sell opportunities to existing
and new corporate clients of both companies.
“LifeSpeak has been a visionary in corporate mental health and
wellbeing education for nearly two decades. It has led the way in
delivering on-demand wellness tools that people love and that
organizations are deploying at an accelerated pace,“ said Raffi
Tchakmakjian, CEO of LIFT. “Mind and body work as one, which makes
this merger really exciting – offering LifeSpeak’s solution for
mental health and wellbeing with our solution for physical health
and wellbeing will bring value to our partners, customers, and
users. LifeSpeak’s client base covers a broad range of industries
and sectors, which provides a significant opportunity to accelerate
our growth.”
About LIFT session LIFT session is a digital fitness
platform that helps wellness providers offer premium virtual
fitness services to their clients. With LIFT's best-in-class
virtual personal training, virtual group training, and wellness
broadcast services, LIFT is capable of extending its partner's
service offering beyond their physical locations and make their
service offerings available to clients anywhere. By offering
services through wellness providers and businesses, LIFT session
offers its online fitness platform to millions of customers
globally. Follow LIFT session on Instagram and Facebook
@liftsession.
About LifeSpeak Inc. LifeSpeak is a leading
software-as-a-service provider of a platform for mental health and
total wellbeing education for organizations committed to taking
care of their employees and customers. With 17+ years of experience
creating and curating thousands of expert-led micro-learning videos
and other digital content, LifeSpeak’s proprietary library’s depth
and breadth of easily consumable content helps companies around the
world support their people anytime and anywhere. LifeSpeak serves a
diverse global client base across many industries and sectors,
including Fortune 500 companies, government agencies, insurance
providers, and other health technology firms.
To learn more, follow LifeSpeak on LinkedIn
(http://www.linkedin.com/company/lifespeak-inc), or visit
www.LifeSpeak.com.
Forward-Looking Information This press release may
include "forward-looking information" within the meaning of
applicable securities laws. Such forward-looking information may
include but is not limited to information with respect to our
objectives and the strategies to achieve these objectives, as well
as information with respect to our beliefs, plans, expectations,
anticipations, estimates, and intentions, including our expectation
that adding LIFT to the LifeSpeak family of companies will
strengthen our ability to support physical wellbeing and that we
will be able to bring even stronger wellness solutions to our
customers and partners and that we will be able to develop
significant cross-sell opportunities to existing and new corporate
clients of both companies.
In some cases, but not necessarily in all cases, forward-looking
information can be identified by the use of forward-looking
terminology and phrases such as "forecast", "target", "goal",
"may", "might", "will", "could", "expect", "anticipate",
"estimate", "intend", "plan", "indicate", "seek", "believe",
"predict", or "likely", or the negative of these terms, or other
similar expressions intended to identify forward-looking
information, including references to assumptions. In addition, any
statements that refer to expectations, intentions, projections, or
other characterizations of future events or circumstances contain
forward-looking information. Statements containing forward-looking
information are not historical facts nor guarantees or assurances
of future performance but instead represent management's current
beliefs, expectations, estimates, and projections regarding
possible future events, circumstances, or performance.
Forward-looking information is necessarily based on a number of
opinions, estimates, and assumptions that, while considered
reasonable by LifeSpeak as of the date of this release, is subject
to known and unknown risks, uncertainties, assumptions, and other
factors that may cause the actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information.
Important factors that could cause actual results to differ,
possibly materially, from those indicated by the forward looking
information include, but are not limited to, the risk factors
identified under “Risk Factors” in the Company’s prospectus dated
June 28, 2021 (the “IPO Prospectus”), and in other periodic filings
that the Company has made and may make in the future with the
securities commissions or similar regulatory authorities in Canada,
all of which are available under the Company’s SEDAR profile at
www.sedar.com. These factors are not intended to represent a
complete list of the factors that could affect LifeSpeak. However,
such risk factors should be considered carefully. There can be no
assurance that such estimates and assumptions will prove to be
correct. You should not place undue reliance on forward-looking
information, which speaks only as of the date of this release.
LifeSpeak undertakes no obligation to publicly update any
forward-looking information, except as required by applicable
securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20211012005179/en/
For investor inquiries: Michael McKenna
mikemckenna@lifespeak.com Chief Financial Officer & Secretary
LifeSpeak Inc. Or: Adam Peeler, on behalf of: LifeSpeak Inc.
416.427.1235 adam.peeler@loderockadvisors.com
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